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How Well Do You Know Your Business?

14Mar2016

How Well Do You Know Your Business?

Established business owners often hit a point where they don’t think that they need to continue improving themselves or their businesses. Even if you have thus far been successful, it is important to continue identifying strengths and weaknesses. Businesses evolve, and the needs of an organization easily change over time.

As your business evolves, you may need to take time to focus on the facts of your business. Even though it sounds silly (we all know what we do, right?), taking time to identify the basics can be helpful in the long run.

To start, reexamine who you are. Not you personally, but your business. Where does the business stand today? What are your motivations for keeping it going every day? These things can change over time, and are likely different than they were when you first started. Other questions you may want to ask yourself to get to the bottom of this:

Who are your customers? Your target markets?

What are your core competencies?

Who are your competitors, and how well are you competing?

Next, you must clearly communicate who you are to your network. This can be people you work with who pass referrals to you, this could be friends, family, and coworkers. Anyone who may pass a referral to you, or at the minimum connect you with someone who could help you grow your business.

Your newly developed understanding of your business can even come in handy when you are asked what you do by strangers – telling people your job title does nothing to strengthen a relationship.